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<br />802007 08/20/2002 11:46A 81121 P496 F. JOHNSON
<br />1 of 3 R 1!,00 D 0,00 "organ Coun\v. CO
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<br />DEED OF TRUST
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<br />This indenture, made this June 1, 2002, between the Upper Platte and Beaver Canal Company,
<br />whose address is P,O, Box 581, Brush Co 80723, hereinafter referred to as GRANTOR, and the
<br />Public Trustee of the County of Morgan, State of Colorado, hereinafter referred to as PUBLIC
<br />TRUSTEE,
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<br />Witnesseth, that whereas, GRANTOR has executed a promissory note, dated June 1,
<br />2002, set forth in Contract No, C150096 dated June 1, 2002 (the Contract) for a loan in the
<br />principal sum of $83,000 to be repaid to the State of Colorado Water Conservation Board, whose
<br />address is 1313 Sherman Street, Room 721, Denver, ColoradO 80203, with interest thereon from
<br />the date of first disbursement of funds under the Contract at the effective interest rate of 2,25%
<br />per annum, payable in 10 annual installments, in accordance with the terms of the Promissory ,
<br />Note, or until ioan is paid in full,
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<br />And whereas, the GRANTOR is desirous of securing payment of the principal and interest
<br />of said promissory note to the State of Colorado,
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<br />Now, therefore, the GRANTOR, in consideration of the premises and for the purpose
<br />aforesaid, does hereby grant, bargain, sell and convey unto the said PUBLIC TRUSTEE in trust
<br />forever, to wit: the Upper Platte arid Beaver Canal Company diversion structure located on the
<br />South Platte River East 5020.2 feet and South 13057' East of the Southeast corner of Section 35,
<br />Township 4 North Range 58 West of the 6th PM, , collectively or hereinafter referred to as the
<br />"Property,"
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<br />To have and to hold the same, together with all and singular the privileges and
<br />appurtenances thereunto belonging: In Trust nevertheless, that in case of default in the payment
<br />of said note, or any part thereof, or in the payment of the interest thereon, according to the tenor
<br />and effect of said note or in the payment of any prior encumbrances, principal or interest, if any,
<br />or in case default shall be made in or in case of violation or breach of any of the terms,
<br />conditions, covenants or agreements contained in the Contract, the beneficiary hereunder may
<br />declare a violation of any of the covenants contained in the Contract and elect to advertise said
<br />Property for sale, and demand such sale by filing a notice of such election and demand for sale
<br />with the PUBLIC TRUSTEE. Upon receipt of such notice of election and demand for sale, the
<br />PUBLIC TRUSTEE shall cause a copy of the same to be recorded in the recorder's office of the
<br />county in which said Property is situated, it shall and may be lawful for the PUBLIC TRUSTEE to sell
<br />and dispose of the same (en masse or in separate parcels, as the said PUBLIC TRUSTEE may
<br />think best), and all the right, title and interest of the GRANTOR, its successors or assigns therein,
<br />at public auction at such time and at such location as shall be designated in the PUBLIC
<br />TRUSTEE's Notice of Sale, for the highest and best price the same will bring in cash, four weeks
<br />public notice having been previously given of the time and place of such sale, advertisement
<br />once each week for five consecutive weeks, in some newspaper of general circulation at that
<br />time pUblished in said county, a copy of which notice shall be mailed within ten days from the
<br />date of the first publication thereof to the GRANTOR at the address herein given and to such
<br />person or persons appearing to have acquired a subsequent record interest in said Property at
<br />the address given in the recorded instrument; where only the county and state is given as the
<br />address then such notIce shall be mailed to the county seat, and to make and give to the
<br />purchaser of the Property at such sale, a certificate in writing describing the Property purchased,
<br />and the sum paid therefor, and the time when the purchaser (or other person entitled thereto)
<br />shall be entitled to the deed therefor, unless the same shall be redeemed as is provided by law; ,
<br />and said PUBLIC TRUSTEE shall, upon demand by the person holding the said certificate of
<br />purchase, when said demand is made, or upon demand by the person entitled to a deed to and
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<br />Appendix 5 to Loan Contract C150096
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